Category Archives: Tax Tips

Hot Tips for The New Tax Year Part 10

Hot Tips for The New Tax Year Part 10

DID YOU RECEIVE A NOTICE FROM THE IRS OR THE STATE SAYING THAT YOU OWE MONEY? Believe it or not, the government could be wrong! Many taxpayers pay these notices without researching the facts first. More than half of these government bills are incorrect! In most situations, the taxpayer need only send an additional form…MORE

Hot Tips for The New Tax Year Part 9

Hot Tips for The New Tax Year Part 9

Childcare Credit of 20% to 35% of your childcare expenses is available for working parents who pay childcare for their children under the age of 13. The amount of eligible expenses is $3,000 for one child and $6,000 for two or more children. To be able to claim this credit, you must know the total…MORE

Hot Tips for The New Tax Year Part 8

Hot Tips for The New Tax Year Part 8

DOCUMENTING BUSINESS USE OF YOUR PERSONAL AUTO! If you use your personal vehicle for your work, you may be able to write off the costs on your tax return. To qualify you must use your car in your own business. You must maintain adequate records to prove your business use. If you can meet these…MORE

Hot Tips for The New Tax Year Part 7

Hot Tips for The New Tax Year Part 7

Roth IRAs – A Roth IRA permits a taxpayer to make nondeductible contributions to a specially designated IRA. The distributions from this IRA would be nontaxable provided the funds stay in the IRA for a period of at least 5 years. Contributions can be made at any age, even if the taxpayer is over 70½.…MORE

Hot Tips for The New Tax Year Part 6

Hot Tips for The New Tax Year Part 6

Credits & Deductions! There are still many credits and deductions available that the Tax Cuts and Jobs Act did not affect. To help you get organized and not miss a credit or deduction, we are highlighting some key items to help you get a bigger refund. If you should have any questions or need further…MORE

Hot Tips for The New Tax Year Part 5

Hot Tips for The New Tax Year Part 5

Capital Gain and Qualified Dividend Maximum Tax Rates. The breakpoints no longer follow the tax brackets for regular income tax purposes. The breakpoints are as follows: Single Taxable Income $ 0 to 39,375 maximum rate = 0% 39,376 to 434,550 maximum rate = 15% 434,551 and over maximum rate = 20% MFJ or QW Taxable…MORE

Hot Tips for The New Tax Year Part 4

Hot Tips for The New Tax Year Part 4

Changes to Benefits for Dependents. Deduction for personal exemptions are suspended. For 2019, you cannot claim a personal exemption deduction for yourself, your spouse, or your dependents. Child Tax Credit and Additional Child Tax Credit. The maximum credit increased to $2,000 per qualifying child. Up to $1,400 of the credit can be refundable for each…MORE

Hot Tips for The New Tax Year Part 4

Hot Tips for The New Tax Year Part 4

Changes to Benefits for Dependents. Deduction for personal exemptions are suspended. For 2019, you cannot claim a personal exemption deduction for yourself, your spouse, or your dependents. Child Tax Credit and Additional Child Tax Credit. The maximum credit increased to $2,000 per qualifying child. Up to $1,400 of the credit can be refundable for each…MORE

Hot Tips for The New Tax Year Part 3

Hot Tips for The New Tax Year Part 3

Deduction and Exclusion for Moving Expenses Suspended. The deduction for moving expenses is suspended. During the suspension, no deduction is allowed for use of an automobile as part of a move. This suspension does not apply to members of the U.S. Armed Forces on active duty who move pursuant to a military order related to…MORE

Hot Tips for The New Tax Year Part 2

Hot Tips for The New Tax Year Part 2

Tax Cuts and Jobs Act (TCJA). There are many changes for 2019 due to the TCJA bill that was passed in December of 2017. Some are good and some are bad. To help you get organized and not miss any new credits or deductions, we are highlighting some of the key changes to help you…MORE

Blogs

Workers’ Memorial Day – Remember those whose job took their life

Looking around our community, when we say employer, most will respond to State Farm, Country, or Illinois State University.   We too often forget those who are building our roads, serving our food, or our public employees. COVID-19 has made us more aware of the risk.  Going to work every day for some people means…

Everyone counts and you could make the difference

By Mike Matejka How many federal dollars will there be for road repairs?  To feed hungry families?  How many Illinois representatives will there be in Congress?  Are Illinois communities going to get their fair share? There’s only one way to ensure our community gets treated properly – answer the census. The every ten year U.S. census,…

Reactions to the “A Community in Conflict” exhibit

By Mike Matejka Every community has its home-town pride; Bloomington-Normal is proud to claim Steak n’ Shake and MASH TV star McLean Stevenson.  We’ve also had a moment of contention and conflict.  Sometimes these are uplifting stories of human progress. At other times, they cause us to shake our heads and wonder why. The McLean…